Suggested here two months ago at $1, FCSC dropped 24% to 72 cents yesterday on huge volume. Guru explains that some months ago the company sold 30 million shares and warrants at 50 cents in a private deal with a “lock-up” period that just ended. Finally free to sell, institutions unloaded 11 million shares yesterday, nearly 8 times the stock’s average daily trading volume. “Could put pressure on the stock for a while longer,” Guru opines, “but then the stock will probably rebound.” Guru had not expected so many institutions to rush to take their profits and did not take his own. (His fund was in on the deal). I bought more at 71 cents with money I can truly afford to lose.
KEEP THE FAITH
The President spoke at three Obama Victory Fund 2012 fundraisers in New York last Thursday, first to a large LGBT audience, then to a small group of wealthy donor/diners, then after a performance of “Sister Act.”
All three are worth reading. Here’s a bit of the third one:
. . . We can’t stop investing in education. We can’t stop investing in medical research. We can’t stop investing in building our infrastructure, all the things that help make us the greatest country in the world. (Applause.) We cannot stop caring for our seniors and the disabled and the most vulnerable in our society. (Applause.)
And so what you’re going to see over the next several months, but also over the next several years, is a debate about who we are — because there’s a way for us to solve our deficit problems and our debt problems in a way that’s fair and balanced and that shares sacrifice so that we’re not just doing it on the backs of the poor. (Applause.) We’re not just doing it on the backs of those without a voice, or those who can’t afford a lobbyist in Washington. (Applause.)
One of the disagreements that we have is even after we’ve made all these cuts — and we’re making some painful, difficult decisions. The notion that I, who, because a bunch of you guys bought my book, am actually doing very well — (laughter) — should not have to pay a little more; the notion that I’d get a $200,000 tax break, and as a consequence of that tax break, hundreds of kids might not be able to go to Head Start, or as a consequence of a tax break for me, that senior citizens might end up having to pay thousands of dollars more for their Medicare — see, that’s not who I think we are. (Applause.) . . .
THE PRESIDENT: Now, let me just say that I know I’m preaching to the choir here. (Laughter.) But I also know that over the last two and a half years there have been times where you think to yourself, gosh, I’m not feeling as hopeful. (Laughter.) This change, I’m not sure I can believe in it. (Laughter.) I know you still got the poster. (Laughter.) But there have been times where you say, you know, how come we didn’t get the public option? (Laughter.) Or, why did health care take so long? Or the — you know, I know that there are times where you get frustrated and you —
THE PRESIDENT: Well, no, that’s not true. (Laughter.) Maybe you don’t get frustrated, but — and the reason I say that is I get frustrated. I would love to be able to just — our whole program just got implemented in six months and I would then just relax. (Laughter.)
But you know what? We live in a democracy, and it’s a big and messy democracy. And it’s noisy and it’s contentious. But that’s what democracy is. (Applause.) It requires engagement and it requires citizens to take these debates seriously and to pay attention, and to suffer setbacks. . . .
Quote of the Day
The point to remember is that what the government gives, it must first take away.~John S. Coleman, address to the Detroit Chamber of Commerce
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